Shanghai is taking proactive steps to expand the application of blockchain technology, aiming to solidify its position as an international hub for scientific and technological innovation.

The city is at the forefront of blockchain adoption, with initiatives spanning areas such as supply chains, shipping, and trade, showcasing its commitment to technological advancement.

In a meeting on the innovative application of blockchain organized by the Shanghai Data Group, it was revealed that the city has already implemented blockchain technologies in over 50 work scenarios.

These efforts are part of a larger goal to establish a total of 107 blockchain application scenarios.

Blockchain, known for its decentralized digital ledger system that securely stores records across a network of computers, offers transparency, immutability, and resistance to tampering. Each block in the chain contains data, creating a chronological and secure record-keeping system.

The adoption of blockchain technology enables industries to make data immutable, thereby reducing reliance on trusted third parties like auditors and minimizing costs associated with human error. Recognizing the potential benefits, many industries are embracing blockchain solutions.

Shanghai Data Group introduced Chainable, a municipal-level blockchain digital infrastructure, in November 2023.

Collaborating with 56 State-owned enterprises, the group is actively working on developing approximately 80 blockchain application scenarios.

One notable example is Donghao Lansheng Group, a Shanghai-based company that has developed a blockchain platform for export tax rebate processes.

Ni Mingqi, general manager of the group's business management center, highlighted the platform's efficiency improvements.

By leveraging blockchain technology to trace all data related to tax rebate orders, including raw material purchases, production, and trade, the platform has significantly streamlined operations, reducing processing times by 90 percent.

Qian Xiao, director of the digital transformation division at the Shanghai Municipal Data Bureau, emphasized the importance of establishing a regulatory framework and value distribution system to ensure the continuous operation and success of blockchain initiatives.

Wang Hu, general manager of Chainable, emphasized that Shanghai has the most vibrant blockchain ecosystem in China, attracting numerous blockchain companies to the city.

As Shanghai accelerates the development of a national-level blockchain network hub, there is growing demand for skilled blockchain technology developers.

Source: Jiefang Daily